KUALA LUMPUR: The Malaysian Investment Development Authority will set up a new unit called the Project Acceleration and Coordination Unit to facilitate the approval process and speed up the implementation of approved manufacturing projects.
Senior minister Mohamed Azmin Ali, who is international trade minister, said the manufacturing licence approval process for non-sensitive industries will be shortened to just two business days.
Besides that, Azmin said the ministry was confident that tax and investment incentives outlined in the National Economic Recovery Plan would boost domestic and foreign investment, as well as attract multinational companies to relocate their operations to Malaysia.
He said the tax exemption incentives were expected to attract more investment and create new high-tech job opportunities.
The government yesterday announced a full 10-year exemption for new capital investments ranging from RM300 million to RM500 million, while investments in property exceeding RM500 million will enjoy full tax exemption for 15 years.
A Special Reinvestment Allowance Incentive will be provided for the years of assessment 2020 and 2021.
Azmin said his ministry welcomed the implementation of 40 initiatives under the recovery plan, called Penjaya, which was announced by Prime Minister Muhyiddin Yassin.
On the the extension of the RM5 billion wage subsidy programme with an allocation of RM600 per worker, he said: “The wage subsidies introduced under the previous economic stimulus package has saved over 2.2 million jobs.
“With the reopening of almost all industries and more than 12 million workers have resumed work, the extension of the programme would continue to help workers.”
On the introduction of incentives ranging from RM600 to RM1,000 to employers offering jobs to the unemployed and trainees, he said this will ensure that the benefits provided will be enjoyed by various sectors of the society.
Azmin said tax exemption for the purchase of information and communication technology hardware would encourage the private sector to remain productive and resilient, even while working from home.
“A special financial assistance of RM500 million for Perbadanan Usahawan Nasional Bhd and Majlis Amanah Rakyat is in line with efforts to strengthen Bumiputera involvement and sustainability in business and entrepreneurship,” he said.
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